Heiba succeeds Mohamed Abdel-Wahab who has served in the post since July 2019 and whose term expires in August 2023.

In a statement, PM Madbouly thanked Abdel-Wahab for his efforts that helped lure both local and foreign investments at this critical stage.

Heiba has served as the managing director of Vitas Egypt for microfinance and was also deputy board chairman and managing director of Post for Investments (PFI).

GAFI, which belongs to the Ministry of Investment, is the country's principal government body in charge of regulating and facilitating investments.